Can you please help me. Im confused with this one and its already due later. :(
thank you
The Promix Consultancy started its operations on March 1, 2020. The following is the trial balance of the business as of March 31, 2020: PROMIX CONSULTANCY TRIAL BALANCE March 31, 2020 Debit Credit Accounts payable 73,000 Accounts receivable 175,000 Cash 246,000 Communication expense 7,900 Fuel and oil 4,600 HDMF contribution payable 700 Insurance expense 12,000 J. Mateo capital 300,000 J. Mateo drawing 20,000 Light and water 8,500 Miscellaneous expenses 2,300 Notes payable 90,000 Notes receivable 60,000 Office equipment 180,000 Office furniture and fixtures 95,000 PHIC contribution payable 2,000 Repairs and maintenance 5,100 Representation and entertainment 4,200 Salaries and wages 265,200 Service revenue 620,000 SSS contribution payable 5,800 Taxes and licenses 7,000 Transportation and travel 2,800 Unused office supplies 14,600 Withholding tax payable 18,700 TOTAL 1,110,200 1,110,200 During April, the business had the following transactions: April 1 - Collected 40% of the accounts as of March 31. 2 - Paid the rent for March, P10,000. 3 - Purchased a car for P700,000. Terms: 20% down; balance 2-year, 7% note. 3 - Purchased office supplies from Daisy Stationeries, P20,000. Terms: 10% volume discount; 3/15, n/30. 4 - Billed Magnalite Inc. for consulting services, P50,000. 4 - Bought gasoline, P2,500. 5 - Returned damaged office supplies to Daisy Stationeries, P3,000. 6 - Paid the accounts as of March 31 in full.7 Remitted the social contributions withheld from employees and the following share of the business: SSS contribution 8,500; PHIC contribution P3,000; and HDMF contribution 700. 8 Received a 30-day, 7% note from Extracon Inc. for services rendered, P150,000. 9 Collected the only note in the March 31 trial balance. It was dated March 10, 2020 and carries interest at 12% 10 Made partial payment to Daisy Stationeries, P5,000 10 Remitted the tax withheld to the BIR. 11 Paid bills for lunch meeting with a client, P7,000. 12 Collected the remaining accounts as of March 31. 13- Rendered consultancy service to TGA Co., P120,000. Terms: 25% down payment; balance, 52'15, nr'30. 14 Collected the account of Magnalite Inc. 15 Paid salary of the staff, P130,000 less SSS contribution P5,800; PHIC contribution P2,000 and I-[DMF contribution P700. 16 Billed Crest Corp. for services rendered, P100,000. Terms: nf30. 18 Paid Daisy Stationeries in ll. 20 Paid the 3% Percentage tax based on the revenue as of March 31. 21 Paid the transportation fares of the messenger, P1,800. 23 J. Mateo took ofce supplies for personal use worth P4,000. 2S Settled the only note in the March 31 trial balance. It was issued for the acquisition of computer sets on March 11, 2020 and carries 8% interest. 26 Bought ofce supplies from Daisy Stationeries, P30,000. Terms: nl15. 27 Sent a bill to Transcom Corp. for services rendered, P 200,000. Terms: nf 15. 28 TGA Co. settled its account in full. 29 Received 50% of the account of Crest Corp. 30 Paid the electricity bill P9,300 and water bill, P2,200. 30 Paid the salary of staff, P150,000, net of P20,000 withholding tax. Required: 1. Journal entries for April 2020 a. Posting to general ledgers b. Trial balance as of April 30, 2020
